Global equities: The beat goes on – The U.S. economy and profits were beating growth expectations long before the tax cuts became a reality. With recession risks low, equities should keep reflecting the growth in earnings and dividends.

Global fixed income: Mr. Powell, meet your neighbors – Fed policy under Jerome Powell should look a lot like what we’ve been accustomed to. And with other major central banks looking to just peel away emergency support—not tighten outright—markets may need to recalibrate expectations.